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IOSCO promotes audit quality via audit committee oversight

Securities regulators globally are troubled enough by the state of audit quality that they are developing a white paper to promote better audit committee oversight.

The International Organization of Securities Commissions, of which the Securities and Exchange Commission is a member, has published a consultation paper that is being reviewed by its board and members regarding practices that should be promoted among audit committees to “support external audit quality.” The paper acknowledges auditors have primary responsibility for audit quality, but it seeks to identify and promote ways audit committees can stoke the process.